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Personal Loan EMI Calculator

  • Overview
  • Eligibility & Documentation
  • Rates & Charges
  • Calculators
  • EMI Options
  • FAQs
  • Blog
    • 1

    TOOLS AND CALCULATOR

    • EMI Calculator
    Loan Amount
    2,00,000 10,00,000 25,00,000
    Rate of Interest
    %
    11.25% p.a. 15% p.a. 19% p.a.
    Loan Duration
    Mo
    12 Months 60 Months 120 Months
    • EMI Amount

      20,000*

    • EMI Amount

      Principal + Interest

      9,59,995*
    • Interest Payable
      2,59,995*
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    What is a Personal Loan EMI Calculator?

    A Personal Loan EMI calculator is a simple tool which calculates the EMI that you are required to pay every month for the repayment of your loan. All you need to do is enter the Loan Amount, Rate of Interest, and the desired Loan Tenure and the calculator will instantly calculate the EMI Amount and the Interest Payable. 

    How to Use a Personal Loan EMI Calculator?

    A personal loan EMI calculator has the following three important components –

    • Loan Amount or Principal –It the total amount that a you borrow as loan and are required to pay back at the end of the term along with the interest

    • Rate of Interest – Expressed as a percentage, the rate of interest is the rate at which interest will be charged on the principal loan amount for a loan duration

    • Loan Tenure or Loan Duration – Expressed either in years or months, tenure is the time period within which you are liable to pay back the total personal loan amount with interest 

      You can use our calculator to calculate your personal loan EMI. Just follow the steps mentioned below -

    • Step 1 – Using the first slider, set the desired Loan Amount. You can even use the ‘+’ and ‘-‘ symbols to increase or decrease the amount or enter the amount manually in the box

    • Step 2 – Use the second slider to set the Rate of Interest. You can use the ‘+’ and ‘-‘ symbols to increase or decrease the interest rate or manually enter it in the given box

    • Step 3 – The third and final slider will help you set the Loan Duration, in months or years. You can even use the ‘+’ or ‘-‘ symbols to increase or decrease the loan duration or you can manually enter the same in the box.

      The personal loan EMI calculator will automatically show you the EMI amount that you need to pay every month. 

    What are the Benefits of Using a Personal Loan EMI Calculator?

    By using the personal loan EMI calculator, you can experience the following advantages -

    • Know the EMI in Advance – Using the personal loan EMI calculator, you can know beforehand the amount that you need to shelf away on a monthly basis for the repayment of your loan

    • Manage your Budget – By knowing in advance the amount that you need to pay on a monthly basis, you can manage your finances around your EMI and spend accordingly

    • Find the Right Loan Tenure – Since you can know the total Principal amount and the total interest payable, a personal loan EMI calculator will help you in choosing a loan tenure you are comfortable with as per your budget

    • Time-Saving and Accurate – Calculating EMI via the traditional manual method is not only time-consuming but also a complex process, often prone to errors. A personal loan EMI calculator gives you the accurate answer within seconds 

    How does a Personal Loan Calculator Work?

    A personal loan EMI calculator is easy to use. You just need to select the Loan Amount you wish to borrow, Rate of Interest, and Loan Tenure using the different sliders and the calculator will automatically calculate the EMI amount and Total personal loan Interest Payable for you.

    What is Personal Loan Amortization Schedule?

    A personal loan amortization schedule is a complete table of periodic loan payments, displaying the Principal amount and the Interest amount that you would need to repay to close your loan on time.

    Let us understand this with the help of an example. For a principal loan amount of Rs. 5,00,000 borrowed at an interest rate of 8% for a tenure of 10 years, the Amortisation schedule will look as shown below –

    Year

    Principal

    Interest

    Total Paid

    Balance

    2020

    31,085.95

    35,644.23

    66,730.18

    468,914.05

    2021

    36,606.34

    36,190.22

    72,796.56

    432,307.71

    2022

    39,644.67

    33,151.89

    72,796.56

    392,663.04

    2023

    42,935.15

    29,861.41

    72,796.56

    349,727.89

    2024

    46,498.75

    26,297.81

    72,796.56

    303,229.14

    2025

    50,358.11

    22,438.45

    72,796.56

    252,871.03

    2026

    54,537.81

    18,258.75

    72,796.56

    198,333.22

    2027

    59,064.43

    13,732.13

    72,796.56

    139,268.79

    2028

    63,966.74

    8,829.82

    $72,796.56

    75,302.05

    2029

    69,275.95

    3,520.61

    72,796.56

    6,026.10

    2030

    6,026.10

    40.17

    6,066.27

    0.00

    Total

    500,000.00

    227,965.49

    727,965.49

    		  

                                                                                                             Note – all figures in INR

    FAQs

    Follow these simple steps to use Tata Capital’s personal loan EMI calculator –

    • Step 1 – Using the first slider, select the principal loan amount. You can even use the ‘+’ ad ‘-‘symbols to increase or decrease the amount or simply enter the desired amount in the box given

    • Step 2 – Set the desired rate interest using the second slider. You can even use the ‘+’ and ‘-‘symbols to increase or decrease the rate or you can simply enter it in the box given

    • Step 3 – Now, use the third and final slider to set the desired loan tenure (in months or years). You can even use the ‘+’ and ‘-‘symbols to increase or decrease the tenure or you can simply enter it in the box given

    Once done, the personal loan EMI calculator will almost instantaneously show the EMI amount that you need to pay every month for loan repayment inclusive of interest. 

    The following are the benefits of using a simple online tool such as the personal loan EMI calculator –

    • Convenience – As opposed to lengthy and complex manual calculations, a personal loan EMI calculator will give you an answer in a matter of milliseconds. As a result, you can make a decision regarding your personal loan swiftly 

    • Accuracy – Manual calculations done using pen and paper are often prone to errors. A personal loan EMI calculator will allow you to steer clear of errors by offering an answer that is 100% accurate 

    The following are the reasons for which it is important for you to know your EMI in advance –

    • Knowing Personal Loan Eligibility – A personal loan EMI calculator gives you an accurate answer as to the amount you need to pay as EMI every month for loan repayment. This helps your personal loan eligibility to receive the desired loan amount at the desired interest for the desired loan tenure

    • Budgeting – Knowing your exact EMI amount in advance can help you be mentally prepared for what’s coming. As a result, you will be able to plan out your finances around your monthly EMI

    • Planning Out Loan Repayment – Once your know the exact EMI amount you will need to pay each month, you can decide whether or not you will be able to shelve that amount every moth. And if not, you can simply chose other options like increasing the tenure to plan out a convenient repayment 

    You can use the following ways to reduce your personal loan EMI –

    • Opting for a Higher Loan Down Payment – Down payment is known as the portion of the loan amount that a borrower needs to pay out-of-pocket. Remember that you need to pay interest only on the borrowed principal amount. A higher principal amount will naturally lead to higher EMIs. Opting for a higher down payment will reduce the borrowed principal, and thereby the EMI

    • Choosing a Longer Loan Tenure – Since your EMI is inversely proportional to the loan tenure, opting for a longer loan tenure will help you disburse the loan over a longer period, thereby reducing each EMI

    • Opting for a Lower Rate of Interest – If you are able to repay the loan faster, then choosing a lower interest rate for personal loan is not only a good way to reduce your EMI but also to pay repay your loan faster

    • Opting for a Balance Transfer – This is applicable after you have already availed a personal loan but are finding it difficult to repay. In such a case, you can have your loan transferred to another lender offering lower interest rates than your current lender 

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